annual report 2012 financials

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ASSETS 2012 2011 Cash and Cash Equivalents $16,416,679 $18,679,080 Contributions Receivable 23,399,108 23,643,919 Prepaid Expenses and Other Assets 105,852 69,090 Total $39,921,639 $42,392,089 Non-Endowment Investments Equities 6,527,673 8,970,725 Fixed Income 9,665,715 6,678,177 Other 20,492,560 11,856,000 Cash and Cash Equivalents 99,000 99,000 Total Non-Endowment Investments $36,784,948 $27,603,902 Endowment Investments Equities 126,975,401 116,837,551 Fixed Income 69,472,401 66,211,871 Cash Surrender Value 452,453 453,841 of Life Insurance Cash Equivalents 26,304,195 14,059,400 Other 28,254,588 32,292,628 Total Endowment Investments $251,459,038 $229,855,291 Split-Interest Agreements 6,241,424 5,292,691 Property and Equipment 44,692 56,361 Total Assets $334,451,741 $305,200,334 LIABILITIES AND NET ASSETS 2012 2011 LIABILITIES Accounts Payable and Accrued Liabilities $2,856,460 $626,291 Grants Payable 1,049,163 1,161,304 Liabilities Under Split-Interest Agreements 1,985,960 1,770,840 Liabilities Under Agency Accounts 6,960,642 5,860,743 Deferred Rent 210,871 241,429 Total Liabilities $13,063,096 $9,660,607 NET ASSETS Unrestricted For Grant Endowments 236,149,798 216,588,260 For Grantmaking 27,002,098 31,519,970 For Administrative Endowment and Operations 4,860,683 4,438,829 Total Unrestricted $268,012,579 $252,547,059 Temporarily Restricted 52,697,813 42,385,538 Permanently Restricted 678,253 607,130 Total Net Assets 321,388,645 295,539,727 Total Liabilities and Net Assets $334,451,741 $305,200,334 2012 FINANCIAL HIGHIGHTS THE PHILADELPHIA FOUNDATION 1234 Market Street I Suite 1800 I Philadelphia, PA 19107 I www.philafound.org I 215-563 6417 Consolidated Statements of Financial Position Aberdeen Fund Managers Limited Access Capital Strategies Addison Clark Management, LLC American Funds Armstrong Shaw Artisan Partners, LP Canyon Capital Advisors, LLC Colchester Global Investors Dimensional Fund Advisors, LP Eagle Capital Management, LLC Focused Investors, LLC Forester Partners, LP Gryphon International Investment Corp. Hoplite Capital Management, LLC Lansdowne Partners Limited Metropolitan Real Estate Equity Mgmt., LLC Perennial Capital Management, LLC Philadelphia International Advisors PIMCO Post Advisory Group Sanderson Asset Management, Inc. Tiger Consumer Management, LLC Van Eck Global Watershed Asset Management, LLC William Blair & Co. The Investment Fund for Foundations (TIFF) Turner Investment Partners, Inc. The Vanguard Group INVESTMENT MANAGERS The endowment assets of TPF, Inc., are managed by:

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Financial description of The Philadelphia Foundation's annual report for the year 2012

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ASSETS 2012 2011 Cash and Cash Equivalents $16,416,679 $18,679,080 Contributions Receivable 23,399,108 23,643,919 Prepaid Expenses and Other Assets 105,852 69,090 Total $39,921,639 $42,392,089

Non-Endowment Investments Equities 6,527,673 8,970,725 Fixed Income 9,665,715 6,678,177 Other 20,492,560 11,856,000

Cash and Cash Equivalents 99,000 99,000 Total Non-Endowment Investments $36,784,948 $27,603,902

Endowment Investments Equities 126,975,401 116,837,551

Fixed Income 69,472,401 66,211,871 Cash Surrender Value 452,453 453,841 of Life Insurance

Cash Equivalents 26,304,195 14,059,400 Other 28,254,588 32,292,628

Total Endowment Investments $251,459,038 $229,855,291

Split-Interest Agreements 6,241,424 5,292,691 Property and Equipment 44,692 56,361

Total Assets $334,451,741 $305,200,334

LIABILITIES AND NET ASSETS 2012 2011

LIABILITIES Accounts Payable and Accrued Liabilities $2,856,460 $626,291 Grants Payable 1,049,163 1,161,304

Liabilities Under Split-Interest Agreements 1,985,960 1,770,840

Liabilities Under Agency Accounts 6,960,642 5,860,743 Deferred Rent 210,871 241,429

Total Liabilities $13,063,096 $9,660,607

NET ASSETS Unrestricted For Grant Endowments 236,149,798 216,588,260 For Grantmaking 27,002,098 31,519,970 For Administrative Endowment and Operations 4,860,683 4,438,829 Total Unrestricted $268,012,579 $252,547,059 Temporarily Restricted 52,697,813 42,385,538

Permanently Restricted 678,253 607,130

Total Net Assets 321,388,645 295,539,727 Total Liabilities and Net Assets $334,451,741 $305,200,334

2012 Financial HigHigHts tHe PHiladelPHia Foundation

1234 Market Street I Suite 1800 I Philadelphia, PA 19107 I www.philafound.org I 215-563 6417

Consolidated Statements of Financial Position

Aberdeen Fund Managers LimitedAccess Capital StrategiesAddison Clark Management, LLCAmerican FundsArmstrong ShawArtisan Partners, LPCanyon Capital Advisors, LLCColchester Global InvestorsDimensional Fund Advisors, LP

Eagle Capital Management, LLCFocused Investors, LLCForester Partners, LPGryphon International Investment Corp.Hoplite Capital Management, LLCLansdowne Partners LimitedMetropolitan Real Estate Equity Mgmt., LLCPerennial Capital Management, LLCPhiladelphia International AdvisorsPIMCO

Post Advisory GroupSanderson Asset Management, Inc.Tiger Consumer Management, LLCVan Eck GlobalWatershed Asset Management, LLCWilliam Blair & Co.The Investment Fund for Foundations (TIFF)Turner Investment Partners, Inc.The Vanguard Group

INVESTMENT MANAGERS The endowment assets of TPF, Inc., are managed by:

1234 Market Street I Suite 1800 I Philadelphia, PA 19107 I www.philafound.org I 215-563 6417

2012 Financial HigHigHts tHe PHiladelPHia Foundation

Consolidated Statements of Financial Activities Total for Year Ended Dec 31, 2012 REVENUE AND SUPPORT

Gifts, Grants and Bequests $23,349,324

Investment Income 11,980,236

Net Unrealized and Realized Investment Gains, Net 23,732,054 Subtotal $59,061,614 EXPENSES

Grants $24,679,393

Investment Management and Trustee Fees 916,291

Grantmaking 757,157

Special Program Expenses 1,898,622

Development and Donor Services 1,150,623

Fund Management 1,046,156

Marketing 364,454 Total Expenses $30,812,696 CHANGE IN NET ASSETSBEFORE INCOME TAXES $28,248,918

Unrelated Business Income Tax Expense 2,400,000 CHANGE IN ASSETS 25,848,918Net Assets - Beginning of Year 295,539,727

NET ASSETS - END OF YEAR $321,388,645

The official registration and financial information of The Philadelphia Foundation may be obtained from the Pennsylvania Department of State by calling toll-free, within Pennsylvania, 1-800-732-0999. Registration does not imply endorsement.

Information filed with the Attorney General concerning this charitable solicitation may be obtained from the Attorney General of the State of New Jersey by calling 973-504-6215. Registration with the Attorney General does not imply endorsement.

This report presents only the highlights of our financial activities. The Foundation’s complete audited financial statements are available online at www.philafound.org. Select “About the Foundation” and then “Investment Management and Fund Information.” A public inspection copy of our Forms 990 and 990-T may be obtained during regular business hours.

TRUSTEE INSTITUTIONS In establishing a fund, donors have the option of using TPF, Inc. as a trustee or one of seven trustee institutions:

The Bryn Mawr Trust CompanyThe Glenmede Trust CompanyBNY MellonPitcairn Trust CompanyPNC Bank, N.A.Wells FargoWilmington Trust of Pennsylvania

INSTITUTIONAL PARTNERSHIPS American FundsBrown Brothers Harriman

INDEPENDENT INVESTMENT CONSULTANT Colonial Consulting